Does the ring really not mean a thing?

A few weeks ago I had lunch with a dear friend.  The last time we had emailed each other she dropped hints about her upcoming engagement. So of course when I saw her I asked if her boyfriend had popped the question. She said “yes” and I was beaming with excitement for her. I casually glanced at her finger and noticed there was no ring. Thinking nothing of it, I asked if her ring was at the jewelers being sized.

She said no. There wasn’t going to be an engagement ring since she didn’t need a big rock on her finger to prove her fiancé loved her.

Wow, I thought-what a refreshing approach.  Then I began to wonder if this was common. Do women in this society really no longer require the diamond (or equally expensive stone)?